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Syndicate Bank announces 13 per cent dividend

Written by: Staff

Manipal, June 21 (UNI) The Syndicate Bank today announced 13 per cent dividend to its shareholders in addition to the 15 per cent interim dividend already distributed.

Announcing this at the 8th Annual General Meeting (AGM) here, Bank Chairman and Managing Director C P Swarnkar said the Bank showing greater thrust on financial inclusion had so for opened 7.42 lakh 'no frill' Savings Bank Accounts out of 9.48 lakh households in the selected villages and achieved 100 per cent financial inclusion in 2023 villages.

To expand this concept in the North Eastern region of the country, the Bank had expanded its branch network by opening branches in Arunachal Pradesh (Itanagar), Mizoram (Aizwal) and Nagaland (Dimapur), he added.

Mr Swarnkar said the Forex (Foreign Exchange) turnover of the Bank stood at Rs 5,94,983 crore as on March 31, 2007 compared to Rs 4,88.041 crore the previous financial year, registering an increase of 22 per cent over the corresponding period.

He said during the year, the Core Bank Solution (CBS) was further extended to 979 branches in about 590 centres to consolidate its CBS network to 1508 branches spread across 801 centres and accounting for over 90 per cent of the bank's business.

The number of ATMs during the year had also increased to 701 from 326 in the previous year, he said adding that the bank had also won the Asian Banker IT implementation Award 2006 for best Core Banking Project.

It had also won a special award for use of IT for Customer Service in semi-urban and rural areas from IDRBT, Hyderabad.

He said during the year the bank had opened 49 new branches and upgraded 71 extension counters to reach a network of 2125 branches including a branch in London. It had opened branches in 20 districts where it had no presence earlier.

Plans were also underway to open branches in Tripura and Manipur so as to cover all the 29 states during the current year, he added.

Mr Swarnkar said the global business during the year which had grew by 44.03 per cent stood at Rs 1,31,473 crore as against Rs 91,284 crore during the previous year.

The bank registered an impressive net profit growth of 33.47 per cent from Rs 536 crore in 2005-06 to Rs 716 crore in 2006-07 while the operating profit rose to Rs 1383 crore, registering a year-on-year growth of 37.16 per cent.

He said the bank's Gross Non-Performing Assets (NPA) during the year had come down to 2.95 per cent from 4 per cent in the previous year while the Net NPA further reduced to 0.76 per cent from 0.86 per cent in the previous year.


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